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JDS Uniphase revenue shows slight growth

Sales at JDS Uniphase grew slightly in the first quarter of 2003, but the company still plans to lay off more staff.
JDS Uniphase reported a slight sequential growth in sales to $166 million for the first quarter of 2003, compared to $157 million for the final quarter of 2002. However, sales were down 37% compared to $262 million for the first quarter of 2002.

The company is now no longer dominated by communications. For the first quarter of 2003, the Communications Products Group represented $74 million in sales, or 44% of total sales, while the Thin Film Products Group represented $92 million in sales, or 56% of total sales.

"Although the environment remains extremely challenging, we are pleased to see signs of stability in our revenue with a 6% sequential growth over the last quarter," said Jozef Straus, co-chairman and CEO. "These results, combined with our continuing cost reductions under the Global Realignment Program, have enabled us to significantly improve our gross margin and reduce overhead expenses leading to improved financial performance."

The company s losses continue to improve. The net loss for the first quarter of 2003 was $137 million, or $0.10 per share, compared to a net loss of $215 million, or $0.15 per share, for the December 2002 quarter. In the first quarter of 2002, the net loss was $4.3 billion, or $3.19 per share.

JDS Uniphase held $1.3 billion in cash, cash equivalents and short-term investments at the end of the third quarter, of which over $1.2 billion was cash, money market and other highly liquid fixed income securities.

The company estimates that the total cost of its Global Realignment Program will be approximately $1.2 billion, of which approximately $1.1 billion was recorded through March 31, 2003. JDS Uniphase is undertaking further reductions of employment and additional site closures. The company s global employment was approximately 6,400 at the end of the third quarter.

Outlook

Looking ahead, JDS Uniphase estimates that its net sales during the June quarter 2003 will be in the range of $155 to $165 million with a net loss of $0.02 to $0.04 per share. Revenue from the Communications Products Group is expected to remain stable.

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